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Economic Drivers

November 14, 2014

GlobalCitiesInitiative

As part of San Diego Regional EDC’s work to increase the region’s global competitiveness, a delegation of San Diegans will head to Munich, Germany next week to explore innovation strategies to strengthen advanced manufacturing. Representing a mix of academia, industry, and business organizations, the delegation will tour some of Munich’s most innovative companies, including BMW and Siemens, and meet with German leaders including the Honorable Dieter Reiter, Mayor of Munich.

Germany – where manufacturing represents nearly twice the share of employment as in the United States – offers an illustrative model for industry growth and workforce development. Its manufacturing firms rely on a robust dual model of vocational education and on-the-job training to sustain a highly-trained workforce and powerful public-private collaborations to support continuous innovation.

San Diego – much like Munich – has the talent, innovation and vision to compete and lead in the global marketplace,” said Mark Cafferty, president and CEO of San Diego Regional EDC, one of the delegates on the trip. “Both San Diego and Munich have harnessed the power of public/private collaboration to fuel economic growth. Our trip to Munich will help us advance our local innovation economy.

Cafferty will be joined by Monique Rodriguez, director of government affairs, Qualcomm, Inc.; Ian Wendlandt, chief of staff, Stone Brewing Company; and Mary Walshok, associate vice chancellor for public programs and dean of extension at UC San Diego.

In addition to stops at BMW and Siemens, the agenda also includes tours at small and medium-sized manufacturers. Delegates will also engage in panel discussions centered around manufacturing and innovation featuring the Hon. John Emerson, U.S. Ambassador to Germany and Bruce Katz, co-director of the Global Cities Initiative among others. Representatives from Chicago, Louisville-Lexington, Nashville, Phoenix and Portland will also be joining the trip.

The City of Munich plays an important role in San Diego’s global competitiveness. Munich is the region’s sixth largest source of foreign investment; companies with Munich-based operations employ 1,222 people in San Diego. From an industry standpoint, Munich and San Diego excel in cleantech, advanced manufacturing, life sciences, information and communication technologies and other innovative fields.

The trip is part of San Diego’s participation in the Global Cities Initiative (GCI), a joint effort between the Brookings Institution and JPMorgan Chase that aims to help cities and metropolitans enhance their global competitiveness. San Diego joined GCI in 2012.

JPMorgan Chase has a longstanding commitment to helping cities thrive,” said Peter Kaldes, head of the Global Cities Initiative at JPMorgan Chase, who will be joining the trip. “We are thrilled to bring together U.S. and German city leaders who we hope will forge new economic bonds and, in the process, help their cities grow.”

In April 2014, as part of the GCI, San Diego was one of six U.S. cities selected to participate in a pilot program to develop a foreign direct investment (FDI) plan. A jobs generator, foreign-owned companies employ nearly 50,000 workers in San Diego, paying above average U.S. wages.                                                                                

In early 2015, the GCI will convene in San Diego to launch a comprehensive global trade and investment plan. 

November 7, 2014

Mayor Faulconer and TSRI Acting President & CEO James Paulson

With more than 80 research institutes throughout the region, San Diego is a breeding ground for innovative companies and institutes that solve some of the world’s toughest challenges.  Perhaps no local institution has captured the region’s innovative spirit more than The Scripps Research Institute (TSRI).

 They are on the forefront of controlling a global epidemic. Currently, TSRI Professor Erica Ollmann Saphire is advancing new Ebola therapies and has already contributed to the development of ZMapp, the Ebola therapy from San Diego-based Mapp Pharmaceuticals, given to the first two U.S. missionaries who survived infection.  Dr. Saphire has launched a crowdfunding campaign to find new therapies for the viral disease. TSRI Professor Dennis Burton and his colleagues are also taking a global leadership role in the development of a vaccine to combat HIV/AIDS, focusing on understanding rare antibodies that are effective in neutralizing the virus.

As part of his commitment to raising global awareness of the region’s innovation economy, City of San Diego Mayor Kevin Faulconer has partnered with EDC to tour some of San Diego’s most cutting-edge businesses and institutes, including TSRI last Friday.  The Mayor also visited General Dynamics NASSCO and SPAWAR earlier this year.

As of Tuesday, Dr. Saphire’s crowdfunding campaign has exceeded its $100,000 goal, meaning more innovation will take place right here, in San Diego.  


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November 5, 2014

AMP SoCal

San Diego’s aerospace and defense industries play a critical role in our regional economy.  To further support these key industries, San Diego Regional EDC joined in partnership with 86 dedicated organizations to form the AMP SoCal Coalition to compete for the new federal designation known as the Investment in Manufacturing Community Partnership (IMCP). The AMP SoCal coalition, which stretches from San Diego through Ventura County, was one of only 12 regions across the United States that received this new special grant status from the U.S. Economic Development Administration.

The IMCP designation allows 11 federal agencies with $1.3 billion in economic development funds to use the designees’ plans to make targeted investments in demonstrably strong public-private partnerships to strengthen regional manufacturing. Essentially, this opens up AMP SoCal and the 11 other IMCP designees to vie for a piece of this $1.3 billion funding.

To ensure the AMP SoCal Coalition puts its best foot forward, San Diego Regional EDC, along with East County EDC President Jo Marie Diamond and other members of AMP SoCal Coalition, participated in a two day conference in Washington D.C. last week. This conference was designed to provide best practices insights for regions that won IMCP designations, while giving attendees direct access to the federal agencies participating in the program including the Department of Defense, Environmental Protection Agency, Small Business Administration, and Department of Transportation.

In December, San Diego will be hosting AMP SoCal’s Executive Board meeting to review the IMCP conference and continue to identify regional opportunities to leverage the IMCP status to compete for locally impactful grants.

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November 3, 2014

Earlier this month, EDC released its Manpower Monthly Employment Report. Since then, the U.S. Bureau of Labor Statistics has released September employment data on all U.S. metros, which allows us to analyze some key indicators across geographies. Click on images to enlarge in a new window/tab.

HIGHLIGHTS

  • At 5.9 percent, San Diego’s unemployment rate ranked 16th among the 25 most populous U.S. metros.
  • From September 2013 to September 2014, San Diego's unemployment rate fell by -1.4 percentage points, which ranked 8th among the 25 most populous U.S. metros.
  • Since the end of the recession (June 2009), San Diego's unemployment rate has fallen by 4.1 percentage points, which is greater than the U.S. average.
  • San Diego's employment grew by more than 2.5 percent from September 2013 to September 2014, which ranked 9th among the 25 most populous U.S. metros.
  • From September 2013 to September 2014, San Diego's employment in professional, scientific and technical services (PST) grew by 7.2 percent, the 2nd fastest growth among major U.S. metros.
  • Manufacturing in San Diego grew more than 2.6 percent from the previous year, which is faster than both the overall employment growth and the U.S. manufacturing average.

[Unemployment Chart]

The Bureau of Labor Statistics (BLS) recently released employment data for the September 2014 period for all U.S. metro areas. At 5.9 percent, San Diego County’s unemployment rate fell by 1.4 points from this time last year. San Diego's rate ranked 16th among major U.S. metros and was slightly above the U.S. overall rate of 5.7 percent. However, San Diego's rate fell faster than most. San Diego's percentage point change from September 2013 to September 2014 ranked 8th among major U.S. metros. While the unemployment rate in San Diego was higher than some of the region's key peer metros, it still fared better than other California metros like Los Angeles and Riverside, and fell roughly in the middle of the 25 most populous U.S. metros.

[Employment Chart]

When looking at employment growth, San Diego fared better than most. From September 2013 to September 2014, the region's employment grew by more than 2.5 percent, which ranked 9th among the 25 most populous U.S. metros. The U.S. average growth rate was less than 2 percent, and only two U.S. metros, Houston and Dallas, grew by more than 3 percent.

[PST Chart]

While San Diego's overall growth is very positive, we saw more explosive growth in one of the region's most important sectors. Professional, scientific and technical services (PST) is a sector of the economy very heavily associated with the region's innovation clusters. Much of the companies and employment in clusters like biotechnology, biomedical products, cleantech and information technology fall within the PST sector. From September 2013 to September 2014, employment in the region's PST sector grew by 7.2 percent, more than double the U.S. average of 3.2 percent. San Diego ranked second among the 25 most populous U.S. metros in this measure, which is a positive sign for the region's key traded clusters.

[MFG Chart]

Manufacturing is another key industry for growth in the region, not only because manufacturing jobs are accessible and pay well, but also because certain manufacturing subsectors are critical to the region's innovation clusters. From September 2013 to September 2014, manufacturing employment grew by 2.6 percent, which was faster than the region's overall growth rate. San Diego's manufacturing employment grew at twice the rate of the U.S., and recorded the 9th highest growth rate among major U.S. metros. 

As we discussed in the Manpower Monthly Employment Report earlier this month, San Diego's economy is experiencing strong positive employment growth. That point is even more apparent now that we can observe that growth in the context of San Diego's peers. While the unemployment rate isn't as comparatively low as we would like to have seen, Summer-to-Fall seasonal effects are often felt more strongly in San Diego, given the region's large tourism industry. We've generally seen the unemployment rate track at or below the U.S. average, and don't expect that to change much in the near future.

Thank you to Manpower-SD for their ongoing support of EDC's employment trends research.

October 17, 2014

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This post is part of an ongoing monthly series dedicated to the California Employment Development Department (EDD) monthly employment release and is brought to you by Manpower. Click images to enlarge in a new tab/window.

HIGHLIGHTS

  • Monthly data for September is highly susceptible to seasonal changes, so month-to-month employment changes should be viewed in that context.
  • At 5.9 percent, San Diego’s unemployment rate fell in September by 0.3 percentage points from August. In addition, unemployment was down 1.4 points from September 2013.
  • San Diego’s unemployment rate was lower than the California average, and slightly above the U.S. average.
  • The region lost 2,800 seasonal jobs from August to September, but added 33,300 jobs since last year.
  • Seasonal effects limited monthly employment growth in most private industries, but manufacturing, education services and professional and business services added jobs in September.
  • Staffing services grew by 4.7 percent since last year and nearly two percent this month, indicating demand for hiring services.
  • San Diego’s traded economies (Innovation, Defense and Tourism) continued to drive annual employment growth.

[Unemployment Chart]

The California Employment Development Department (EDD) released statewide county employment data today for the September 2014 period. At 5.9 percent, San Diego County’s unemployment rate dropped 0.3 points from August to September, and fell by 1.4 points from this time last year. The unemployment rate in the region remained a full point below California’s 6.9 percent rate and tracked just above the U.S. average of 5.7 percent. While the region experienced a decline of more than 11,000 in its labor force, much of this can be pinned on seasonal effects, as temporary summer workers fall out of the labor force. Since September of last year, the labor force gained 11,100 people, 33,900 more people have identified as employed, and 22,200 less people have identified as unemployed, indicating positive momentum in the labor market.

[Employment Chart]

When looking at employment changes, September seasonal effects played a role here as well. From August to September, the region’s total employment fell by 2,800 jobs, with the private sector falling by 7,400 jobs. Private sector losses were partially offset by 4,500 public sector education workers returning to their jobs. While these numbers appear threatening, it can be almost entirely pinned on seasonal losses in common summer growth industries like construction and tourism. When looking at year-over-year growth, we see that San Diego added 33,300 jobs, 32,400 of which are from the private sector. San Diego continued to out-pace national growth as well. Employment from September 2013 to 2014 grew by approximately 2.5 percent overall and three percent in the private sector, while the U.S. grew by about a half point slower.

[PST Chart]

San Diego’s traded economies continued to drive much of the region’s employment growth. Professional, scientific and technical services (PST), heavily associated with innovation, was one of the few industries to add jobs in the down season. The industry added 600 jobs since August 2014. More importantly, PST added 8,900 jobs since September 2013, a growth rate of 7.2 percent, which is nearly three times the economy-wide 2.5 percent growth rate. PST includes subsectors like scientific research and development services, which is a key driver of our life sciences. This subsector grew by 4.6 percent over the year.

San Diego’s tourism industry continued its normal seasonal decline, losing 5,700 jobs from August to September. However, the industry added 3,700 jobs since September 2013, indicating that the industry is still performing well.

San Diego’s goods producers continued their steady employment growth, despite experiencing a seasonal drop like most industries in the region. Goods producers accounted for more than 27 percent of the annual job growth. The construction industry, despite losing 1,400 jobs last month, added 6,300 jobs from September 2013 to 2014, a 10.2 percent increase. Manufacturing was one of the few industries to grow this month, adding 600 jobs from August to September. This industry has added 2,500 jobs since September 2013,

Other substantial annual growth industries include ship and boat building, which grew by more than 11 percent and is a critical component of our maritime cluster. San Diego’s movers of goods have also been growing rapidly, as transportation and warehousing employment grew 7.5 percent over the year.

[Growth Chart]

While the apparent seasonal effects in this month’s report may grab the headlines, San Diego is performing well so far in 2014. San Diego’s key driving industries have had an outstanding year, at least in terms of job growth, and the region has continued to add middle-to-high paying jobs in industries like manufacturing, construction and PST services. San Diego continued to out-pace the U.S. in job growth, while seeing a healthy decline in the unemployment rate. With one quarter remaining, San Diego’s labor market has exceeded many expectations.

Note: Our Economic Indicators Dashboard will show how our unemployment rate compares to other US metros and the US total rate when that information is released in the coming weeks.

October 15, 2014

More than 60 businesses attended a seminar Monday to learn how to apply for the Cal Competes Tax Credit. The workshop was co-hosted by EDC and the Governor's Office of Business and Economic Development (GO-Biz). The new income tax credit allows businesses to receive a reimbursement from the state for hiring and capital investment improvements. “The California Competes tax credit encourages businesses, large and small, to expand in California and create good paying jobs in a variety of industries,” said GO-Biz Senior Business Development Specialist Sid Voorakkara.

Congressman Scott Peters (D-San Diego) and Assembly Speaker Toni Atkins (D-San Diego) welcomed businesses to the workshop. 

Assembly Speaker Toni Atkins addresses crowds at a Cal Competes Workshop
 

“We are the greatest state and the eighth largest economy in the world. We compete globally against economies such as Brazil, Russia and India. We are the innovation site for many of the world’s industries,” said Speaker Atkins.

The Cal Competes Tax Credit is now accepting applications through Monday, October 27. GO-BIZ has allocated a total of $45 million for companies this round. Apply now at www.calcompetes.ca.gov. You can watch a step-by-step video on the application process by clicking here

In the last round of Cal Competes, San Diego and Imperial County companies received more than 65 percent - $4.83 million of the $7.37 million allocated for small businesses – under the program meaning that the region raked in more small business credits than any other area in the state combined.

In total, one Imperial County and four San Diego companies were approved for the economic incentives, which are collectively valued at $7.43 million. According to documents filed by the respective companies, the incentives are expected to create 1,144 jobs. San Diego’s diverse industries, including military, maritime, biotech and advanced manufacturing, were well-represented in the credit recipients.

Companies looking to apply or find out more about the tax credits are encouraged to contact Sid Voorakkara and Drew Garrison

October 9, 2014

Every quarter, San Diego Regional EDC analyzes key economic metrics that are important to understanding the regional economy and San Diego’s standing relative to other major metropolitan areas in the U.S.

This issue covers data from April 2014 - July 2014.

  • San Diego County’s July 2014 unemployment rate was down 1.4 percentage points from July 2013.
  • Private employment in San Diego grew by more than 3.2 percent from July 2013 to July 2014.
  • The region added 36,400 jobs since last July - 35,400 of which came from the private sector.
  • San Diego has the highest percentage of bachelor’s degree holders with a STEM degree among major regional peers.
  • 2014 year-to-date net absorption of industrial real estate is the best mid-year performance since 2008.
  • July’s 2.02 percent foreclosure rate marks the lowest rate in San Diegosince July 2006, making it an eight-year low for the region.
  • Biotechnology companies continued to receive larger sums in 2014, with two-thirds of all activity going toward Biotech in Q2.

Check out the complete Economic Snapshot here...

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October 8, 2014

On the first Friday of every October, manufacturers across the country open their doors to the public to celebrate National Manufacturing Day (MFG Day). Last Friday, San Diego had 28 companies – more than any other region in California – participate in the day’s activities. Companies representing San Diego and Northern Baja’s diverse industries from biotech to aerospace, UAV and beer, united to show San Diegans all that’s made right here in our backyard.

In case you missed the morning’s panel and tours, we’ve compiled a list of things we’ve learned about these San Diego makers.

  1. Science and beer can share a roof
    Beer is science. If there is any company that demonstrates this, it’s San Diego-based White Labs, which was one of the innovators that opened its doors to the public this MFGDay. Part laboratory, part brewery, they are participating in another innovation activity San Diego knows well: decoding the genome; except instead of looking at the human genome, they’re looking to unravel beer’s DNA.
  2. Northern Baja is the gold standard of manufacturing
    CareFusion is one company that’s using the mega-region to its advantage. As a medical device manufacturer, they have acquired companies all over the U.S. However, all of its U.S. manufacturing facilities pale in comparison to its facilities right across the border, in Tijuana and Mexicali, said Carlos Nunez, chief medical officer of CareFusion, at a kickoff panel hosted by EDC on the morning of MFG Day. Many other innovators throughout San Diego have pointed to access to Mexico as a reason to set up shop in the region.

    On Sunday, CareFusion announced they were being acquired by Becton, Dickinson & Co (BD), a New Jersey-based medical technology company. The acquisition is further evidence of San Diego’s ability to develop sought-after, innovative companies. BD is committed to maintaining an active presence in San Diego, which we can speculate may be due to the mega-region’s strong R&D and manufacturing capabilities.
     
  3. East County is where music is made
    Two of the world’s most renowned musical instrument companies call East County home. Taylor Guitars, which has won the affection of musical talents including San Diego’s homegrown Jason Mraz, is located in El Cajon. This year marks the company’s 40th Anniversary. On MFG Day, tour goers were treated to a behind-the-scenes look at the company that employs more than 400 people in the region.

    The largest banjo manufacturer in the U.S. is headquartered in Spring Valley. Deering – The Great American Banjo Company, was another company San Diegans were invited to tour on MFG Day.
  4. San Diego flies above the rest in UAVs
    In May, San Diego was one of the first 12 communities in the U.S. selected to participate in the Investing in Manufacturing Communities Partnership, which allows the region to compete for a pool of $1.3 billion to support the local manufacturing industry. The region was selected specifically for its expertise in aerospace manufacturing.

    On Friday, two very different aerospace manufacturers – Northrop Grumman and 3D Robotics - invited people to their respective locations to check out their innovations first had. Both of these companies have made a name for themselves for their work in the unmanned aerial vehicles field.
    In Rancho Bernardo, Northrop Grumman treated tour goers to a peak at its Unmanned Systems Center of Excellence, where spectators got to meet a very impressive 21-year-old engineer.

    In Otay Mesa, 3D Robotics showed off its indoor testing facility. The UAVs are assembled right across the border in Tijuana. At Friday’s panel, Guillermo Romero, a director with the company, spoke about the collaboration between his facilities on both sides of the border. His team can design a world-class UAV in San Diego, and manufacturer in Mexicali the same day.
     
  5. Manufacturers are hiring…and they pay well
    Manufacturing provides strong middle-class jobs to many San Diegans. With more than 2,900 companies in the manufacturing ranks, the industry represents about 8.7 percent of all jobs in San Diego, yet it accounts for 12.2 percent of all wages.

    One company that is looking to ramp up hiring is General Dynamics NASSCO. The shipyard is looking to bring on 1,000 new employees for jobs including welding and shipfitting. As Kevin Graney, vice president and general manager of the shipbuilder said at Friday’s panel, “If you can weld, come see me after.” The Barrio Logan company is committed to helping fill those jobs through apprenticeships and skills training.

    Community colleges, apprenticeships and other job training programs are vital assets as San Diego companies look to fill these vacant positions. As panelist Dave Klimkiewicz of the iconic Sector 9 skateboards said, “Not everyone needs to go to college, but everyone needs to live.” He talked about the need to bring back hands-on classes at the middle and high school level. Panelist Bob Cassidy of ViaSat also discussed the need to fill the workforce pipeline with more highly-skilled manufacturing technicians. 

September 19, 2014

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This post is part of an ongoing monthly series dedicated to the California Employment Development Department (EDD) monthly employment release and is brought to you by Manpower. Click images to enlarge in a new tab/window.

HIGHLIGHTS

  • As predicted, August marked the rebound from the seasonal effects experienced in the previous two months.
  • At 6.2 percent, San Diego’s unemployment rate fell in August by 0.7 percentage points from July. In addition, unemployment was down 1.5 points from August 2013.
  • San Diego’s unemployment rate was lower than the California average, and returned below the U.S. average.
  • The region gained 3,500 jobs from July to August, and added 34,200 jobs since last year.
  • A booming construction industry added 6,800 jobs since August 2013, a more than 10.8 percent increase over the year.
  • The manufacturing industry added 2,200 jobs since the previous August.
  • Staffing services grew by more than 2.5 percent since last year, indicating demand for hiring services.
  • San Diego’s traded economies continued to drive much of the monthly and annual employment growth.

[Unemployment Chart]

The California Employment Development Department (EDD) released statewide county employment data today for the August 2014 period. At 6.2 percent San Diego County’s unemployment rate dropped 0.7 points from July to August, and fell by 1.5 points from this time last year. The unemployment rate in the region remained lower than California’s average, and returned to below the U.S. average of 6.3. As predicted in previous monthly reports, August began the seasonal decline of the unemployment rate. However, unlike the U.S. jobs report released earlier this month, August’s decline in San Diego was not driven by a lower labor force. In fact, San Diego’s labor force increased by 5,500 from July to August, as 6,600 less people registered as unemployed.

[Employment Chart]

When looking at employment growth, we’ve continued to see positive signs of steady growth, particularly in San Diego’s private sector. From July to August, the region added 3,500 jobs, more than 82 percent of which came from the private sector. The private sector added 2,900 jobs from July to August, a sign of continued economic growth. When looking at overall growth since last August, the region’s economy added 34,200 jobs, a 2.6 percent increase. Meanwhile, the region’s private sector grew by more than 3 percent over that period. With unemployment down and the economy consistently adding jobs, it appears as though many job seekers are finding landing spots as the economy continues to improve, and much of the growth is in middle-to-high paying industries.

[Growth Chart]

San Diego’s traded economies continued to drive much of the region’s employment growth. Professional, scientific and technical services (PST), heavily associated with innovation, added 1,600 jobs since July 2014, which accounted for more than half of private sector job growth since July. PST added 7,800 jobs since August 2013, for an annual growth rate of an impressive 6.2 percent, well above the economy-wide average of 2.6 percent. PST includes subsectors like scientific research and development, which is a key driver of our life sciences. This subsector grew by more than 4.2 percent over the year.

San Diego’s tourism industry began its seasonal decline, losing 2,700 jobs from July to August. However, the industry added 3,600 jobs since August 2013, indicating that the industry is still performing well. Health care and social services was another major contributor, adding 5,700 jobs since August 2013. Combined, PST, Tourism and Health Care accounted for more than half of the region’s annual private employment growth.

San Diego’s goods producing industries continued their steady employment growth. Manufacturing remained flat from July to August, but added a total of 2,200 jobs since August 2013. Meanwhile, the construction industry continued to boom. The industry added 500 jobs from July to August and 6,800 jobs since August 2013, for an astounding 10.9 percent annual growth rate. Combined, the manufacturing and construction industries accounted for more than one quarter of private employment growth from 2013 to 2014.

[Construction Chart]

The August employment report confirmed that much of the negativity that we saw in June and July were simply seasonal effects and not indicative of any negative trend. The recession is clearly in the rear-view mirror and has been for some time. May 2011 was the last month in which San Diego didn’t record a year-over-year job gain. We haven’t even experienced a month-to-month loss in private employment in 2014, an indication of how steadily the economy has been growing so far this year. Finally, the unemployment rate declined as a result of job-seekers finding employment, not job-seekers leaving the labor force, an important sign of a healthy regional economy.

Note: Our Economic Indicators Dashboard will show how our unemployment rate compares to other US metros and the US total rate when that information is released in the coming weeks.

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August 21, 2014

San Diego Companies on Inc. 5000 list

Although San Diego is only home to 1 percent of the nation’s privately-owned businesses, it is home to more than 2 percent of the Inc 5000 list. In 2013, 101 companies made the Inc. 5000 ranks. According the 2014 data, 113 companies throughout San Diego County are now considered the fastest growing companies in the U.S.

EDC investors VAVi Sport & Social Club, Sentek Global, D&K Engineering, SKLZ and Stone Brewing Co. all made the ranks. Other familiar names, such as TakeLessons and Underground Elephant, were also mentioned on the list.

Businesses on the list are ranked according to their past three years of revenue growth. Inherently, the list methodology recognizes many small and medium-sized companies, as they often see large revenue percentage growths in their first few years. From 2010-2013, the number of startups on the list grew by 310 percent. San Diego’s story is consistent with many of the overall national trends. As an economy made up of small and medium-sized businesses, San Diego has seen tremendous growth and innovation from its startup and tech community.

Using city-specific data, Inc. has concurrently released its “10 Top Cities for Fast-Growth Companies” list, with San Diego coming in at number 5. Inc. writes “This southern California city is not only known for its beautiful coastline, but it’s also quickly becoming a sought-after tech hub.”  This Inc. accolade comes on the heels of other positive San Diego rankings, such as Forbes’ designation of San Diego as one of the “Coolest Cities in the U.S.”

Although many of our recent rankings just look at one factor or sector of our economy, the theme remains: Whether it's tech, lifestyle or culture, San Diego – and its economy – continues to shine. 

You can view the complete San Diego list here.

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